Corn futures were set to bounce in the wake of recent declines on Wednesday, and yellow grain prices rose after the weekly Energy Information Administration report was released on Wednesday morning. Overnight corn futures sustained their slightly Wednesday gains with strength spilling over from the soybean market.

Relatively tight old crop supplies and the slow start to new crop plantings may be creating background support as well. May corn gained 4.75 cent to $6.4425/bushel in early Thursday morning trading, while December rose 1.25 cents to $5.2925.

REPORT

THIS WEEK

LAST WEEK

DIFFERENCE

Sales

314,731

400,347

-85,616

SALES

10 WEEKS

27 WEEKS

THIS YEAR

Average

282,085

223,858

229,025

High

400,347

769,756

400,347

Low

92,194

12,622

-49,809

The report also showed that soybean net sales reductions of 206,300 MT--a marketing-year low--for 2012/2013 were down noticeably from the previous week and from the prior 4-week average.

Overnight tight spot markets and a positive basis continue supporting soybean futures in the face of negative developments. Traders talk of slowing Chinese demand and increased availability of South American product, while bulls can argue that improved early-May weather will accelerate corn plantings and potentially reduce soybean acreage later in the spring. May soybeans advanced 11.0 cents to $14.15/bushel early Thursday morning, while May soyoil surged 0.39 cents to 49.57 cents/pound, and May meal climbed $2.8 to $408.7/ton.